Platinum prices are forecast to skyrocket in 2023 thanks to power cuts in South Africa, war in Ukraine and increased demand for hybrid cars.
Investment bank UBS readjusted its price forecast for platinum in 2023, estimating that the precious metal will cost $1,150 per ounce for June, up from a previous estimate of $1,100, and will reach $1,200 per ounce in December. The precious metal was priced at $1,004.90 per ounce at the time of writing.
The Council forecasts a deficit of 556,000 ounces this year, following a global surplus of the precious metal for the previous two years. "On the demand side of the equation, we think [platinum is] pretty well protected from economic uncertainty," Sterck said, while a number of factors feed into the "constrained outlook" on the supply side.The refined mine supply of platinum dropped 18% year-on-year in 2022, according to the WPIC, with South Africa and Russia having seen the biggest decreases.
There will be some recovery in the recycled platinum supply in 2023, but the amount will remain below pre-pandemic levels, the WPIC estimates.Platinum is becoming an increasingly important component in new cars, with the precious metal replacing pricier palladium in catalytic converters. The metal helps to neutralize harmful emissions in vehicles and so tighter emissions legislations and increased popularity of hybrid vehicles only puts a greater squeeze on platinum demand.
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